Russ Richenberg Comment On Regulatory Notice 22-08
Russ Richenberg
N/A
I was under the impression that government's financial regulations were put in place to protect the public. I trying don't understand who FINRA is protecting by creating these regulations because it's definitely not me, the average net worth financial investor/consumer. From what I've seen so far, these regs will only make it substantially more difficult on people like myself. I never expected to be taking government mandated exams, required to read mandated material, obtain permission, ordered to "cool off" and not permitted to consume certain financial instruments, etc.
This all sounds so unbelievable to me on many levels. I don't use many of these vehicles and not very often. However, as long as I'm protected from things like fraud it's up to me to do my own due diligence, obtain my own education, take my own risks, etc. I also know for a fact that more government and more regulations will never protect me, educate me, etc. more than I can for myself. Don't forget how much nearly ALL regulations add to the public's cost.
This sounds and feels much like 5th or 6th grade. Anyone using these financial instruments certainly doesn't need to repeat these grades.
All of us should have the freedom to research the type of vehicle, how to use it, and the risks possible. Very basic things that everyone knows should be done by them, someone they trust, or a broker they trust. Personally I do my own and use inverse vehicles as a hedge. If I wanted to use more complicated investment strategies, I would want the freedom to do so without this huge number of regulations to navigate. It sounds ridiculous to me candidly. I am also positive that the vast amount of investing citizens would agree.
I'm retired now, but I owned my own business for many years. The amount of government regulations were never reduced. There were always more to add, increasing the time consumed, the cost, the headaches, etc. and were mostly unnecessary.
Please let personal responsibility prevail here.
Russ Richenberg Comment On Regulatory Notice 22-08
I was under the impression that government's financial regulations were put in place to protect the public. I trying don't understand who FINRA is protecting by creating these regulations because it's definitely not me, the average net worth financial investor/consumer. From what I've seen so far, these regs will only make it substantially more difficult on people like myself. I never expected to be taking government mandated exams, required to read mandated material, obtain permission, ordered to "cool off" and not permitted to consume certain financial instruments, etc.
This all sounds so unbelievable to me on many levels. I don't use many of these vehicles and not very often. However, as long as I'm protected from things like fraud it's up to me to do my own due diligence, obtain my own education, take my own risks, etc. I also know for a fact that more government and more regulations will never protect me, educate me, etc. more than I can for myself. Don't forget how much nearly ALL regulations add to the public's cost.
This sounds and feels much like 5th or 6th grade. Anyone using these financial instruments certainly doesn't need to repeat these grades.
All of us should have the freedom to research the type of vehicle, how to use it, and the risks possible. Very basic things that everyone knows should be done by them, someone they trust, or a broker they trust. Personally I do my own and use inverse vehicles as a hedge. If I wanted to use more complicated investment strategies, I would want the freedom to do so without this huge number of regulations to navigate. It sounds ridiculous to me candidly. I am also positive that the vast amount of investing citizens would agree.
I'm retired now, but I owned my own business for many years. The amount of government regulations were never reduced. There were always more to add, increasing the time consumed, the cost, the headaches, etc. and were mostly unnecessary.
Please let personal responsibility prevail here.